Chief Editor January 22 2022

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HDB rental price surge more than 10 percent in 2021

The rent for HDB flats and private condominiums rose by more than ten percent last year.

Tenants who signed a new tenancy agreement or renew their lease in 2021 would be subjected to a rental price hike. The increment could be felt across the board, regardless of the property type or location.

It was the landlords' market and they had the upperhand in rental negotiation.

The delay in BTO flats and new launch condo construction led to a state of demand over supply.

In the local scene, home owners had to wait longer than usual for their house renovation. It was due to a labour shortage faced by the renovation contractors.

The new property cooling measures may prompt potential buyers to halt their plans to purchase a new property if they foreseen a correction in the property market.

Newly wed couples or families had to turn to the rental market for answers. 

ERA Associate Division Director Andy Chia Jin Tai said that there is a rising trend for Malaysians to rent the whole flat in Singapore for convenience sake. They do not want the trouble to travel across the causeway and be subjected to COVID-19 restrictions and quarantine order. 

In December, he represented a 4-room HDB flat owner in Jurong West and found a group of Malaysian tenants whom agreed on a $2,600 monthly rent for a two years lease. This is a record high rental transaction.

Landlords and tenants may refer to HDB rental price for the latest flat rental transactions.

In contrast to 2020, the total HDB rental volume in 2021 was higher by four per cent.

More expatriates are expected to return to Singapore in February after the Lunar New Year.